What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2022-08-04 compared with 2022-05-06 · 186 added, 45 removed, 402 unchanged (36% of the section changed)

1 unchanged sentence

iShares ®

 Silver Trust

Statements of Assets and Liabilities (Unaudited)

At March 31, 2022 and December 31, 2021

At June 30, 2022 and December 31, 2021

Investment in silver bullion, at fair value (a)

24 unchanged sentences

Statements of Operations (Unaudited)

For the three months ended March 31, 2022 and 2021

For the three and six months ended June 30, 2022 and 2021

Three Months Ended

Six Months Ended

Sponsor’s fees

1 unchanged sentence

$ 18,940,519  

$ 31,904,625  

$ 38,227,150  

Total expenses

1 unchanged sentence

18,940,519  

31,904,625  

38,227,150  

Net investment loss

( 15,936,118 )  

( 18,940,519 )  

( 31,904,625 )  

( 38,227,150 )

4 unchanged sentences

3,984,434  

2,207,720  

9,193,761  

Silver bullion distributed for the redemption of Shares

1 unchanged sentence

249,015,993  

97,533,136  

1,137,565,238  

Net realized gain

1 unchanged sentence

253,000,427  

99,740,856  

1,146,758,999  

Net change in unrealized appreciation/depreciation

( 2,536,190,240 )  

756,594,817  

( 1,661,812,204 )  

( 1,703,184,716 )

1 unchanged sentence

( 2,507,639,647 )  

1,009,595,244  

( 1,562,071,348 )  

( 556,425,717 )

1 unchanged sentence

$ ( 2,523,575,765 )  

$ 990,654,725  

$ ( 1,593,975,973 )  

$ ( 594,652,867 )

1 unchanged sentence

$ ( 4.15 )  

$ 1.61  

$ ( 2.67 )  

Net increase (decrease) in net assets per Share based on average shares outstanding during the period.

2 unchanged sentences

Statements of Changes in Net Assets (Unaudited)

For the three months ended March 31, 2022

Three Months Ended

March 31, 2022

For the three and six months ended June 30, 2022

Six Months Ended

June 30, 2022

Net Assets at December 31, 2021

19 unchanged sentences

$ 13,856,958,505  

Net investment loss

( 15,936,118 )

Net realized gain

28,550,593  

Net change in unrealized appreciation/depreciation

( 2,536,190,240 )

Net decrease in net assets resulting from operations

( 2,523,575,765 )

Capital Share Transactions:

Contributions for Shares issued

902,397,850  

Distributions for Shares redeemed

( 1,202,027,440 )

Net decrease in net assets from capital share transactions

( 299,629,590 )

Decrease in net assets

( 2,823,205,355 )

Net Assets at June 30, 2022

$ 11,033,753,150  

Shares issued and redeemed

8 unchanged sentences

Statements of Changes in Net Assets (Unaudited)

For the three months ended March 31, 2021

Three Months Ended

March 31, 2021

For the three and six months ended June 30, 2021

Six Months Ended

June 30, 2021

Net Assets at December 31, 2020

19 unchanged sentences

$ 13,796,532,456  

Net investment loss

( 18,940,519 )

Net realized gain

253,000,427  

Net change in unrealized appreciation/depreciation

756,594,817  

Net increase in net assets resulting from operations

990,654,725  

Capital Share Transactions:

Contributions for Shares issued

765,794,167  

Distributions for Shares redeemed

( 1,177,999,610 )

Net decrease in net assets from capital share transactions

( 412,205,443 )

Increase in net assets

578,449,282  

Net Assets at June 30, 2021

$ 14,374,981,738  

Shares issued and redeemed

8 unchanged sentences

Statements of Cash Flows (Unaudited)

For the three months ended March 31, 2022 and 2021

Three Months Ended

For the six months ended June 30, 2022 and 2021

Six Months Ended

Cash Flows from Operating Activities

11 unchanged sentences

Reconciliation of Net Increase (Decrease) in Net Assets Resulting from Operations to Net Cash Provided by (Used in) Operating Activities

Net increase (decrease) in net assets resulting from operations

Net decrease in net assets resulting from operations

$ ( 1,593,975,973 )  

25 unchanged sentences

Schedules of Investments (Unaudited)

At March 31, 2022 and December 31, 2021

March 31, 2022

At June 30, 2022 and December 31, 2021

June 30, 2022

Silver bullion

2 unchanged sentences

$ 11,038,582,148  

Total Investments –

Total Investments – 

11,038,582,148  

Less Liabilities –

( 4,828,998 )

Net Assets –

$ 11,033,753,150  

4 unchanged sentences

$ 12,254,397,545  

Total Investments –

12,254,397,545  

Less Liabilities –

( 5,163,322 )

Net Assets –

$ 12,249,234,223  

2 unchanged sentences

Notes to Financial Statements (Unaudited)

March 31, 2022

June 30, 2022

1 - Organization

The iShares Silver Trust (the “Trust”) was organized on April 21, 2006 as a New York trust.

26 unchanged sentences

Gain or loss on sales of silver bullion is calculated on a trade date basis using the average cost method.

The following tables summarize activity in silver bullion for the three months ended March 31, 2022 and 2021:

Three Months Ended March 31, 2022

The following tables summarize activity in silver bullion for the three months ended June 30, 2022 and 2021:

Three Months Ended June 30, 2022

Beginning balance

25 unchanged sentences

$ 28,550,593  

Three Months Ended March 31, 2021

Three Months Ended June 30, 2021

Beginning balance

25 unchanged sentences

$ 253,000,427  

The following tables summarize activity in silver bullion for the six months ended June 30, 2022 and 2021:

Six Months Ended June 30, 2022

Beginning balance

530,838,100  

$ 11,330,688,133  

$ 12,254,397,545  

Silver bullion contributed

87,944,944  

2,137,496,572  

Silver bullion distributed

( 76,682,341 )  

( 1,661,468,536 )  

( 1,759,001,672 )  

97,533,136  

Silver bullion sold to pay expenses

( 1,391,315 )  

( 30,031,229 )  

( 32,238,949 )  

2,207,720  

Net realized gain

99,740,856  

Net change in unrealized appreciation/depreciation

( 1,661,812,204 )  

Ending balance

540,709,388  

$ 11,776,684,940  

$ 11,038,582,148  

$ 99,740,856  

Six Months Ended June 30, 2021

Beginning balance

558,715,882  

$ 10,472,474,303  

$ 14,797,590,146  

Silver bullion contributed

192,263,810  

5,234,465,003  

Silver bullion distributed

( 191,415,186 )  

( 3,919,057,880 )  

( 5,056,623,118 )  

1,137,565,238  

Silver bullion sold to pay expenses

( 1,391,223 )  

( 28,477,915 )  

( 37,671,676 )  

9,193,761  

Net realized gain

1,146,758,999  

Net change in unrealized appreciation/depreciation

( 1,703,184,716 )  

Ending balance

558,173,283  

$ 11,759,403,511  

$ 14,381,334,638  

$ 1,146,758,999  

Calculation of Net Asset Value

14 unchanged sentences

Any interest, expenses, gains and losses are passed through to the holders of Shares of the Trust.

The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust as of March 31, 2022 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust as of June 30, 2022 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

3 - Trust Expenses

1 unchanged sentence

The Sponsor has agreed to assume the following administrative and marketing expenses incurred by the Trust:

the Trustee’s fee and reimbursement for its reasonable out-of-pocket expenses, the Custodian’s fee, NYSE Arca listing fees, SEC registration fees, printing and mailing costs, audit fees and expenses, and, effective January 31, 2022, up to $ 500,000  per annum in legal fees and expenses.

Prior to January 31, 2022, the Sponsor had agreed to assume up to $ 100,000 per annum in legal fees and expenses.

25 unchanged sentences

8 - Financial Highlights

The following financial highlights relate to investment performance and operations for a Share outstanding for the three months ended March 31, 2022 and 2021.

The following financial highlights relate to investment performance and operations for a Share outstanding for the three and six months ended June 30, 2022 and 2021.

Three Months Ended

Six Months Ended

Net asset value per Share, beginning of period

1 unchanged sentence

$ 22.28  

$ 21.35  

$ 24.61  

Net investment loss (a)

( 0.03 )  

( 0.05 )  

Net realized and unrealized gain (loss) (b)

( 4.06 )  

( 2.47 )  

Net increase (decrease) in net assets from operations

( 4.09 )  

( 2.52 )  

Net asset value per Share, end of period

1 unchanged sentence

$ 23.89  

$ 18.83  

$ 23.89  

Total return, at net asset value (c)(d)

7.35 % 

( 9.47 )% 

( 17.84 )%  

7.23 %  

( 11.80 )%  

Ratio to average net assets:

Net investment loss (e)

( 0.50 )% 

0.50 % 

( 0.50 )%  

0.50 %  

Based on average Shares outstanding during the period.

11 unchanged sentences

The three levels of the fair value hierarchy are as follows:

Level 1 −

Level 1  −

Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2 −

Level 2  −

Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means;

Level 3 −

Level 3  −

Unobservable inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments.

At March 31, 2022 and December 31, 2021, the value of the silver bullion held by the Trust is categorized as Level 1.

At June 30, 2022 and December 31, 2021, the value of the silver bullion held by the Trust is categorized as Level 1.

Management ’

18 unchanged sentences

Although the Sponsor does not make forward-looking statements unless it believes it has a reasonable basis for doing so, the Sponsor cannot guarantee their accuracy.

Except as required by applicable disclosure laws, neither the Trust nor the Sponsor is under a duty to update any of the forward looking statements to conform such statements to actual results or to a change in the Sponsor’s expectations or predictions.

Except as required by applicable disclosure laws, neither the Trust nor the Sponsor is under a duty to update any of the forward looking statements to conform such statements to actual results or to a change in the Sponsor’s expectations or predictions.

The iShares Silver Trust (the “Trust”) is a grantor trust formed under the laws of the State of New York.

34 unchanged sentences

Results of Operations

The Quarter Ended March 31, 2022

The Trust’s net asset value increased from $12,249,234,223 at December 31, 2021 to $13,856,958,505 at March 31, 2022, a 13.13% increase.

The increase in the Trust’s net asset value resulted primarily from an increase in the LBMA Silver Price, which grew 7.49% from $23.09 at December 31, 2021 to $24.82 at March 31, 2022.

The increase in the Trust’s net asset value also benefited from an increase in the number of outstanding Shares, which rose from 573,800,000 Shares at December 31, 2021 to 604,600,000 Shares at March 31, 2022, a consequence of 55,400,000 Shares (1,108 Baskets) being created and 24,600,000 Shares (492 Baskets) being redeemed during the quarter.

The 7.35% increase in the NAV from $21.35 at December 31, 2021 to $22.92 at March 31, 2022 is directly related to the 7.49% increase in the price of silver.

The NAV increased slightly less than the price of silver on a percentage basis due to the Sponsor’s fees, which were $15,968,507 for the quarter, or 0.12% of the Trust’s average weighted assets of $12,970,209,527 during the quarter.

The NAV of $24.18 on March 9, 2022 was the highest during the quarter, compared with a low during the quarter of $20.56 on January 7, 2022.

Net increase in net assets resulting from operations for the quarter ended March 31, 2022 was $929,599,792, resulting from an unrealized gain on investment in silver bullion of $874,378,036, a net realized gain of $69,885,981 on silver distributed for the redemption of Shares, and a net realized gain of $1,304,282 from silver bullion sold to pay expenses, partially offset by net investment loss of $15,968,507.

The Quarter Ended June 30, 2022

The Trust’s net asset value decreased from $13,856,958,505 at March 31, 2022 to $11,033,753,150 at June 30, 2022, a 20.37% decrease.

The decrease in the Trust’s net asset value resulted primarily from a decrease in the LBMA Silver Price, which fell 17.73% from $24.82 at March 31, 2022 to $20.42 at June 30, 2022.

The decrease in the Trust’s net asset value was also affected by a decrease in the number of outstanding Shares, which fell from 604,600,000 Shares at March 31, 2022 to 585,950,000 Shares at June 30, 2022, a consequence of 39,800,000 Shares (796 Baskets) being created and 58,450,000 Shares (1,169 Baskets) being redeemed during the quarter.

The 17.84% decrease in the NAV from $22.92 at March 31, 2022 to $18.83 at June 30, 2022 is directly related to the 17.73% decrease in the price of silver.

The NAV decreased slightly more than the price of silver on a percentage basis due to the Sponsor’s fees, which were $15,936,118 for the quarter, or 0.12% of the Trust’s average weighted assets of $12,752,622,613 during the quarter.

The NAV of $23.93 on April 19, 2022 was the highest during the quarter, compared with a low during the quarter of $18.83 on June 30, 2022.

Net decrease in net assets resulting from operations for the quarter ended June 30, 2022 was $2,523,575,765, resulting from an unrealized loss on investment in silver bullion of $2,536,190,240, a net realized gain of $27,647,155 on silver distributed for the redemption of Shares, a net realized gain of $903,438 from silver bullion sold to pay expenses, and a net investment loss of $15,936,118.

Other than the Sponsor’s fees of $15,936,118, the Trust had no expenses during the quarter.

The Six-Month Period Ended June 30, 2022

The Trust’s net asset value decreased from $12,249,234,223 at December 31, 2021 to $11,033,753,150 at June 30, 2022, a 9.92% decrease.

The decrease in the Trust’s net asset value resulted primarily from a decrease in the LBMA Silver Price, which fell 11.56% from $23.09 at December 31, 2021 to $20.42 at June 30, 2022.

The decrease in the Trust’s net asset value was partially offset by an increase in the number of outstanding Shares, which rose from 573,800,000 Shares at December 31, 2021 to 585,950,000 Shares at June 30, 2022, a consequence of 95,200,000 Shares (1,904 Baskets) being created and 83,050,000 Shares (1,661 Baskets) being redeemed during the period.

The 11.80% decline in the NAV from $21.35 at December 31, 2021 to $18.83 at June 30, 2022 is directly related to the 11.56% decrease in the price of silver.

The NAV decreased slightly more than the price of silver on a percentage basis due to the Sponsor’s fees, which were $31,904,625 for the period, or 0.25% of the Trust’s average weighted assets of $12,860,815,001 during the period.

The NAV of $24.18 on March 9, 2022 was the highest during the period, compared with a low during the quarter of $18.83 on June 30, 2022.

Net decrease in net assets resulting from operations for the six months ended June 30, 2022 was $1,593,975,973, resulting from an unrealized loss on investment in silver bullion of $1,661,812,204, a net realized gain of $97,533,136 on silver distributed for the redemption of Shares, a net realized gain of $2,207,720 from silver bullion sold to pay expenses, and a net investment loss of $31,904,625.

Other than the Sponsor’s fees of $31,904,625, the Trust had no expenses during the period.

Quantitative and Qualitative Disclosures About Market Risk.

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements